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Editors Note: We have a reached a pivotal moment in digital banking. Regional and Midsized banks have to decide whether they are going to try and keep up with the big banks who are attracting the digital savvy user or get left behind. If these banks want to continue to stay relevant, they will need to adopt digital strategies that replace their current "me too" offerings.

Editors Note: The following is the second installment of a two part series on data driven digital banking. Referencing various reports, this blog discusses how banks can begin unlocking the copious amounts of data available to them to provide an Amazon-like experience for their users. D3 Banking licensed the referenced reports for general distribution.

Editor’s Note: The following is the third and final installment in a series of blogs excerpted from a report published by Celent entitled Defining A Digital Financial Institution by Daniel Latimore and Zilvinas Bareisis . D3 Banking has licensed the content for general distribution. For the full report contact Celent. The previous installment in this series dealt with legacy systems and organizational culture as the two biggest impediments to banks improving their digital sophistication.

The promise of lower fixed costs and better efficiency ratios that heralded the introduction of online banking was based on the belief that the Internet could be used to create a self-service environment that would reduce the staffing and technology requirements. In fact, adoption of online banking took longer than expected, and consumers did not abandon the other channels they used to access the services and products offered by their financial institutions.